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Housing LIN Yorkshire and Humber

Housing LIN Yorkshire and Humber. 15 June 2016 Helen Fielding. HCA’s offer. 200,000 Starter Homes by 2020 Single Land Programme to deliver public land to the market Home Building Fund through HCA-I Help to Buy Extension to 2021 135,000 Help to Buy Shared Ownership by 2021

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Housing LIN Yorkshire and Humber

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  1. Housing LIN Yorkshire and Humber 15 June 2016 Helen Fielding

  2. HCA’s offer 200,000 Starter Homes by 2020 Single Land Programme to deliver public land to the market Home Building Fund through HCA-I Help to Buy Extension to 2021 135,000 Help to Buy Shared Ownership by 2021 10,000 Rent to Buy homes 8,000 specialist homes for older people and those with disabilities Other programmes & support

  3. 200,000 Starter Homes by 2020 Sold at a 20% discount compared to market value to young first time buyers Available to first time buyers 23-39 years old; capped at £250,000 (80% value) £2.3 billion fund to support the delivery of up to 60,000 homes £1.2bn for LAs working with the HCA to acquire or prepare brownfield land for at least 30,000 homes – Unlocking the Land Fund £1.1bn in later years to support purchasers/developers (tbc) Remainder via the reform of the planning system – SH Technical Regulations will set out (consultation closed end May) https://www.gov.uk/government/publications/starter-homes-unlocking-the-land-fund

  4. Single Land Programme NEYTH generated huge employment floor space, equating to 25 football pitches! Overall objective to dispose of surplus public sector land with capacity for at least 160,000 homes Investment in HCA’s existing land portfolio to bring land to the market Investment in surplus sites that transfer from Other Government Departments for disposal Investment in HCA’s employment land including Enterprise Zones to deliver employment floor space Funded by the re-cycling of receipts from sales of HCA’s existing assets

  5. Home Building Fund Builders Finance Fund Infrastructure funding Custom Build £3bn – managed by HCA-I To be launched after 23 June 2016 To deliver public land to the market £1bn of short term funding to provide loans for term of up to five years Includes existing £525m Builders Finance Fund which has been successful in the NEYH area £2bn long term funding to support a strong future pipeline of delivery To unlock development on brownfield land

  6. Help to Buy Extension to 2021 NEYTH: £270m Help to Buy Investment; that’s 8,183 homes Supporting purchase of 145,000 new build homes £2.6bn extra funding Very successful in NEYH

  7. 135,000 Help to Buy Shared Ownership by 2021 £4.7bn – prospectus launched 13 April 2016; £4.1bn for SO Deadline for bids noon 02/09/2016; announcement December 2016 Registered Providers and unregistered bodies can bid; must be/become Investment Partner to receive grant Household incomes <£80,000 Initial share sold 25-75%; rent on unsold share not more than 3% pa Service charge; full repairing lease; staircasing by increments of 10% Some flexibility in how to make as affordable as possible to buyers Help to Buy Agents still involved OPSO and HOLD still available Uneven funding profile – 90% across 2018/19 to 2020/21 https://www.gov.uk/government/publications/shared-ownership-and-affordable-homes-programme-2016-to-2021-prospectus

  8. Rent to Buy • Part of the SOAHP 2016-21 • 10,000 Rent to Buy homes • First Time Buyers; must be working at time of letting • Let at Intermediate Rent for 5 years; Right to Buy does not apply • Let on assured short-hold tenancies, fixed term <2 years • After the first 5 years • Tenant has right of first refusal to buy • The provider can continue to rent the property or sell on the open market • Must be/become Investment Partner to receive grant • Must ultimately be owned and managed by a Registered Provider

  9. Specialist Homes Part of the SOAHP 2016-21 8,000 specialist homes for older people and those with disabilities Older people & 15 ‘specialist’ groups as per the CGF Can be let at social or affordable rent Must be/become Investment Partner to receive grant; must be let by Registered Provider Additional criteria Usually self contained unless shared living clearly meets need

  10. Other programmes & support Estate Regeneration to regenerate run down estates Locally-led Garden Villages, Towns and Cities (1,500 homes and above) https://www.gov.uk/government/publications/estate-regeneration-programme Healthy Towns (NHS England) sites (250+ units) that include an ambition for health and innovation HCA ATLAS support, focussed on helping partners to progress specific large scale projects

  11. Conclusion What could the Housing LIN members role be in Starter Homes alongside specialist provision? Would you be interested in development/infrastructure finance? Feedback so far suggests RPs will bid for Rent to Buy & Specialist And partners are identifying markets where Help to Buy Shared Ownership will add value Some RPs having success with shared ownership – when marketed via sales teams, not housing management; promoted very much as owning a home How can we make best use of the programmes in Yorkshire and the Humber?

  12. Questions? Stay in touch! Helen.fielding@hca.gsi.gov.uk 0113 394 9393 07766 157864

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